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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jarvis Securities Plc | LSE:JIM | London | Ordinary Share | GB00BKS9NN22 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 60.00 | 59.00 | 61.00 | 60.00 | 60.00 | 60.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Brokers & Dealers | 13.07M | 3.98M | 0.0890 | 6.74 | 26.84M |
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RNS Number:0103A
Jarvis Securities plc
20 March 2006
Jarvis Securities plc ("Jarvis" or "the Company")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005
HIGHLIGHTS
*Funds under administration up 52% compared to 31 December 2004
*Client numbers up 12.5% compared to 31 December 2004
*Turnover up 3.5% to #2.6 million (2004: #2.56 million)
*Operating profit down 13.8% to #0.59 million (2004: #0.68 million)
*Net assets unchanged at #1.367 million (2004: #1.372 million)
*Record trading start to 2006 with highest number of trades ever completed
in January, highest commission income ever earned in February and record
number of trades completed in one day in March 2006.
CHAIRMAN'S STATEMENT
There is no doubt that 2005 has been a demanding year for the group. The
financial results are not a fair reflection of the level of effort and progress
made by the Company. We have indeed advanced in the last year and I am confident
that this progress will be represented through improved financial performance in
2006.
We are sensitive to market activity levels and consequently recorded a quiet
second quarter in 2005. We were also involved with investigating a significant
acquisition opportunity during the first quarter of 2005. Although we are
anxious to find firms suitable for consolidation, by nature we are a
conservatively run company. A number of potential issues were uncovered during
the due diligence process, which persuaded us that the potential target was not
suitable for consolidation into the group. The aborted acquisition resulted in
exceptional costs although the Directors of the Company believe that it is
preferable to incur these costs through necessary due diligence than to make an
inappropriate purchase. Falling interest rates have adversely materially
affected our financial performance as well.
Despite these factors, the operating subsidiary, Jarvis Investment Management
plc again improved its operating profit by 2.6% compared to the same period in
2005. This was counteracted by higher group costs recorded in Jarvis Securities,
which prevented this upturn flowing into the consolidated results. We have
incurred costs in developing and improving the system and legal framework for
our outsourced services but have not seen the full benefit of these new
contracts flowing through to the financial results. The majority of our Model B
contracts will be running for their first full year in 2006 without the
inevitable front-loaded costs to our operation. Our offices have also been
extended to provide approximately one third more space, giving us plenty of room
to expand without having the disruption and expense of moving premises.
Jarvis is a business that prides itself on efficiency and quality of service. We
have been striving very hard to differentiate ourselves from other volume
execution-only brokers through our personal approach. With almost 35,000
clients, maintaining this differentiation in quality can be difficult. I am
pleased, however, to say that we have achieved this and have been recognised
accordingly. In October 2005, Jarvis Investment Management plc won the
Investor's Chronicle Award for Best Self-Select ISA Provider 2005 from a public
vote. This is a truly exciting result considering the size and market presence
of our major competitors.
There is no doubt that the group will face further challenges during 2006
although there are more opportunities available to the group than for some time.
Levels of dealing volumes and new accounts opened are sharply higher so far this
year for our existing products. A number of institutions looking to outsource
financial administration processes have approached us and we have been
vigorously promoting co-branded offerings to other organisations with an
enthusiastic early reception. Jarvis Investment Management plc plans to launch a
new web-based dealing service at a very competitive commission that the Company
expects to garner a significant amount of interest.
In addition, early stage talks with several potential targets or partners have
either begun or recommenced recently and we believe that there are a number of
opportunities to combine businesses in our sector to cut costs and improve
profits and service. I shall, of course, report any developments of this nature
in more detail in due course.
I appreciate that our first year on AIM has not shown the growth in our share
price that the directors were hoping to achieve for our existing shareholders.
We have purchased a number of shares in the market when the price has fallen to
levels that your Board believed undervalued the business and its current
prospects. The best route to increasing shareholder value in my opinion is to
maintain our distinctive quality while improving profits. This will be entirely
the focus of the Board in 2006 and the early indications for an improved
performance are promising.
Andrew J. Grant
Chairman
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2005
2005 2004
-------- ---------
# #
TURNOVER 2,651,665 2,562,793
Administrative expenses 2,009,206 1,742,074
Exceptional administrative 50,222 133,536
expenses -------- ---------
2,059,428 1,875,610
OPERATING PROFIT 592,237 687,183
Tax on profit on ordinary 281,678 148,201
activities -------- ---------
PROFIT FOR THE FINANCIAL YEAR 310,559 538,982
Dividends 287,114 401,200
-------- ---------
RETAINED PROFIT 23,445 137,782
Retained profit brought forward 457,815 320,033
-------- ---------
RETAINED PROFIT CARRIED FORWARD 481,260 457,815
======== =========
EARNINGS PER SHARE
Basic earnings per share 2.70p 5.36p
Diluted earnings per share 2.56p 5.35p
GROUP BALANCE SHEET
As at 31 December 2005
31/12/2005 31/12/2004
-------------- ---------------
# # # #
FIXED
ASSETS
Intangible 364,695 385,330
assets
Tangible 176,597 126,873
assets -------- --------
541,292 512,203
CURRENT
ASSETS
Investments 33,177 36,349
Debtors 3,693,549 3,440,023
Cash at bank 5,130,205 4,889,805
and in hand -------- --------
8,856,931 8,366,177
CREDITORS:
Amounts 8,031,163 7,505,700
falling due -------- --------
within one
year
NET CURRENT 825,768 860,477
ASSETS
-------- --------
NET ASSETS 1,367,060 1,372,680
======== ========
CAPITAL AND
RESERVES
Called up 114,845 114,845
share capital
Share premium 789,834 800,020
account
Profit and 481,260 457,815
loss account -------- --------
1,385,939 1,372,680
Own shares (18,879) -
held for -------- --------
cancellation
SHAREHOLDERS' 1,367,060 1,372,680
FUNDS ======== ========
COMPANY BALANCE SHEET
As at 31 December 2005
31/12/2005 31/12/2004
-------------- --------------
# # # #
FIXED ASSETS
Intangible assets 364,695 385,330
Tangible assets 176,597 126,873
Investments 100,300 100,300
-------- --------
641,592 612,503
CURRENT ASSETS
Debtors 287,956 87,261
Cash at bank and in hand 4,080 614,686
-------- --------
292,036 701,947
CREDITORS:
Amounts falling due within one year 63,069 483,958
-------- --------
NET CURRENT ASSETS 228,967 217,989
-------- --------
NET ASSETS 870,559 830,492
======== ========
CAPITAL AND RESERVES
Called up share capital 114,845 114,845
Share premium account 779,934 790,120
Profit and loss account (5,341) (74,473)
-------- --------
889,438 830,492
Own shares held for cancellation (18,879) -
-------- --------
SHAREHOLDERS' FUNDS 870,559 830,492
======== ========
GROUP CASH FLOW STATEMENT
For the year ended 31 December 2005
31/12/2005 31/12/2004
--------- ---------
# #
Reconciliation of operating profit to net cash inflow from operating
activities
Operating profit 592,237 687,183
Depreciation 77,822 59,015
Amortisation 20,635 18,750
Loss on disposal of fixed 13,501 -
assets
(Increase) in debtors (319,021) (253,720)
(Decrease)/increase in (282,020) 481,452
creditors
--------- ---------
Net cash inflow from 103,154 992,680
operating activities ========= =========
CASH FLOW STATEMENT
Cash flow from operating 103,154 992,680
activities
Taxation (245,412) (159,682)
Capital expenditure and (137,874) (112,814)
financial investment
Equity dividends paid (287,114) (401,200)
--------- ---------
(567,246) 318,984
Financing (29,065) 804,665
--------- ---------
(Decrease)/Increase in cash (596,311) 1,123,649
========= =========
Reconciliation of net cash flow to movement in net
funds
2005 2004
-------------- --------------
# # # #
(Decrease)/Increase in cash (596,311) 1,123,649
in the year -------- --------
Movement in net funds in (596,311) 1,123,649
the year
Net funds at 1 January 2005 1,231,041 107,392
-------- --------
Net funds at 31 December 2005 634,730 1,231,041
======== ========
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 December 2005
1. ACCOUNTING POLICIES
The financial statements have been prepared in accordance with applicable
accounting standards. The following accounting policies have been used
consistently in dealing with items which are considered material in relation to
the financial statements.
(a) Accounting convention
The financial statements have been prepared under the historical cost
convention.
(b) Revenue
Revenue represents net sales of services, commissions and interest excluding
value added tax. Income is recognised as it is accrued for fees and interest and
on receipt for commissions.
(c) Basis of consolidation
The group financial statements consolidate the financial statements of Jarvis
Securities plc, Jarvis Investment Management plc, Sharegain Limited, JIM
Nominees Limited, Galleon Nominees Limited and Dudley Road Nominees Limited made
up to 31 December 2005. Intra-group sales and profits are eliminated on
consolidation and all sales and profit figures relate to external transactions
only. No profit and loss account is presented for Jarvis Securities plc as
provided by S230(3) of the Companies Act 1985.
(d) Tangible fixed assets
Depreciation is provided on cost in equal annual instalments over the lives of
the assets at the following rates:
Website - 33% on cost
Leasehold improvements - 33% on cost
Motor vehicles - 15% on cost
Office equipment - 20% on cost
Software developments - 33% on cost
(e) Intangible fixed assets
Goodwill represents the excess of the fair value of the consideration given over
the aggregate fair values of the separable net assets. Goodwill is amortised
over 20 years on a straight-line basis, subject to annual impairment reviews as
required. Other intangible assets are capitalised at their market value on
acquisition and are amortised on the same basis.
(f) Deferred taxation
Provision is made in full for all taxation deferred in respect of timing
differences that have originated but not reversed by the balance sheet date,
except for gains on disposal of fixed assets which will be rolled over into
replacement assets. No provision is made for taxation on permanent differences.
Deferred tax assets are recognised to the extent that it is more likely than not
that they will be recovered.
(g) Segmental reporting
There are no significant segments for reporting purposes as required by
Statement of Standard Accounting Practice 25.
(h) Pensions
The group operates a defined contribution pension scheme. Contributions payable
for the year are charged to the profit and loss account.
(i) Stockbroking balances
The gross assets and liabilities of the group relating to stockbroking
transactions on behalf of clients are included in debtors, creditors and cash at
bank.
(j) Operating leases and finance leases
Costs in respect of operating leases are charged on a straight line basis over
the lease term in arriving at the operating profit. Where the company has
entered into finance leases, the obligations to the lessor are shown as part of
borrowings and the rights in the corresponding assets are treated in the same
way as owned fixed assets. Leases are regarded as finance leases where their
terms transfer to the lessee substantially all the benefits and burdens of
ownership other than right to legal title.
(k) Investments
Fixed asset investments are stated at cost and current asset investments are
stated at current market valuations.
(l) Cashflow statement
Cash movements relating to stockbroking balances derived from client trading are
excluded from the cashflow statement on the basis that these amounts do not form
part of the cashflow position of the group.
2. GROUP INCOME
The income of the group during the year was made in the United Kingdom and the
income of the group for the year derives from the same class of business as
noted in the Directors' Report.
2005 2004
-------- --------
# #
Interest received 1,280,405 1,165,331
Other turnover 1,371,260 1,397,462
-------- --------
2,651,665 2,562,793
======== ========
3. OPERATING PROFIT 2005 2004
--------- --------
Operating profit is stated after charging: # #
Directors' emoluments 241,079 198,905
Depreciation - owned assets 77,820 59,014
Amortisation 20,635 18,750
Operating lease rentals - hire of machinery 786 2,342
Operating lease rentals - land and buildings 19,750 19,750
Auditor's remuneration - audit - parent company 27,000 5,000
Auditor's remuneration - other services -
parent compay 28,250 53,347
Auditor's remuneration - other services - 2,200 3,688
subsidiaries
Loss on disposal of fixed assets 13,501 -
Interest payable and similar charges 213,343 302,652
========= ========
Directors' emoluments
========= ========
Fees 231,115 190,841
Pension contributions 9,964 8,064
========= ========
Details of the highest paid director are as
follows:
Aggregate emoluments 116,248 104,000
Company contributions to personal pension scheme 9,964 8,064
--------- --------
126,212 112,064
Other services performed by the auditors relates to work performed on tax, VAT
and advice on reconstruction of the group. Exceptional administrative costs of
an aborted acquisition include #23,000 paid to the auditors for due diligence
work on the target. The audit costs of the subsidiaries were met by Jarvis
Securities plc.
Benefits are accruing for one director (2004 one director) under a money
purchase pension scheme.
Staff Costs
The average number of persons employed by the group, including directors, during
the year was as follows:
Number Number
Management and administration 23 22
======== ========
The aggregate payroll costs of these persons were as # #
follows:
Wages and salaries 626,883 524,047
Pension contributions 9,964 8,064
Social security 66,094 62,311
-------- --------
702,941 594,422
======== ========
4. EXCEPTIONAL ITEMS
Exceptional items derive from the costs relating to the following events:
During the current year a potential acquisition was aborted following due
diligence.
During the previous year the group was restructured and Jarvis Securities plc
was formed as a new holding company for the group.
5. INTEREST PAYABLE AND SIMILAR CHARGES 2005 2004
-------- --------
# #
Bank loans and overdrafts 8,288 5,320
Interest paid to clients 205,055 297,332
-------- --------
213,343 302,652
======== ========
6. TAX ON PROFIT ON ORDINARY ACTIVITIES 2005 2004
-------- --------
# #
Based on the adjusted results for the year:
UK corporation tax 201,440 239,750
Adjustments in respect of prior years 523 (80,421)
Payment for prior years' group relief 79,715 -
-------- --------
Total current tax 281,678 159,329
Deferred tax:
Origination and reversal of timing differences - (11,128)
-------- --------
Tax on profit on ordinary activities 281,678 148,201
======== ========
The tax assessed for the year is lower than the standard rate of corporation tax
in the UK (30%). The differences are explained below:
Profit on ordinary activities before tax 861,989 787,206
======== ========
Profit on ordinary activities multiplied by the
standard rate of corporation tax in
the UK of 30% (2004 - 30%) 258,597 236,162
Effects of:
Marginal relief - -
Group relief claimed without payment (57,758) (4,667)
Income not taxable - (28,375)
Expenses not deductible for tax purposes 601 2,656
Ineligible depreciation - 1,048
Capital allowances less than depreciation - -
Depreciation in excess of capital allowances - 32,926
Adjustments to tax charge in respect
of previous years 523 (80,068)
Payment for prior years' group relief 79,715 -
-------- --------
Current tax charge for the year 281,678 159,682
======== ========
Movement in provision:
Provision at start of year -
Deferred tax charged in the P&L account for the -
year --------
Provision at end of year -
========
Provision for deferred tax:
Accelerated capital allowances -
========
7. DIVIDENDS 2005 2004
-------- --------
# #
Interim dividends paid on Ordinary 1p shares 287,114 401,200
======== ========
8a. INTANGIBLE FIXED ASSETS - GROUP
Goodwill Brands, Other & Total
-------- Databases --------
--------
# # #
Cost:
At 1 January 2005 387,699 25,000 412,699
-------- -------- --------
At 31 December 2005 387,699 25,000 412,699
======== ======== ========
Amortisation:
At 1 January 2005 25,442 1,927 27,369
Charge for the year 19,385 1,250 20,635
-------- -------- --------
At 31 December 2005 44,827 3,177 48,004
======== ======== ========
Net Book Value:
At 31 December 2005 342,872 21,823 364,695
======== ======== ========
At 31 December 2004 362,257 23,073 385,330
======== ======== ========
8b. INTANGIBLE FIXED ASSETS - COMPANY
Goodwill Brands, Other Total
& Databases
# # #
Cost:
At 1 January 2005 387,699 25,000 412,699
-------- ------- --------
At 31 December 2005 387,699 25,000 412,699
======== ======= ========
Amortisation:
At 1 January 2005 25,442 1,927 27,369
Charge for the year 19,385 1,250 20,635
At 31 December 2005 -------- ------- --------
44,827 3,177 48,004
Net Book Value: ======== ======= ========
At 31 December 2005 342,872 21,823 364,695
======== ======= ========
At 31 December 2004 362,257 23,073 385,330
======== ======= ========
Intangible assets arose on the acquisition of the trade of CFA Securities Limited
during 2003. The trade, databases, trademarks, brands and the nominee company of CFA
Securities Limited were purchased for a consideration of #225,000. Legal, data
conversion and other costs of #187,699 were capitalised in addition to the initial
consideration during the previous year.
9a. TANGIBLE FIXED ASSETS - GROUP
-------- ------ -------- ------ ------- -------
Software Website Leasehold Motor Office Total
Development Improvements Vehicle Equipment
-------- ------ -------- ------ ------- -------
# # # # # #
Cost:
At 1 January 78,836 38,905 22,421 - 128,855 269,017
2005
Additions 11,391 5,485 5,877 98,555 61,737 183,045
Disposals - - - (60,000) - (60,000)
-------- ------ -------- ------ ------- -------
At 31 90,227 44,390 28,298 38,555 190,592 392,062
December 2005 ======== ====== ======== ====== ======= =======
Depreciation:
At 1 January 17,743 31,729 13,258 - 79,414 142,144
2005
Charge for 28,608 6,818 7,636 6,422 28,337 77,821
the year
On Disposal - - - (4,500) - (4,500)
-------- ------ -------- ------ ------- -------
At 31 46,351 38,547 20,894 1,922 107,751 215,465
December 2005 ======== ====== ======== ====== ======= =======
Net Book
Value:
At 31 43,876 5,843 7,404 36,633 82,841 176,597
December 2005 ======== ====== ======== ====== ======= =======
At 31 61,093 7,176 9,163 - 49,441 126,873
December 2004 ======== ====== ======== ====== ======= =======
9b. TANGIBLE FIXED ASSETS - COMPANY
-------- ------ -------- ------ ------- -------
Software Website Leasehold Motor Office Total
Development Improvements Vehicles Equipment
-------- ------ -------- ------ ------- -------
# # # # # #
Cost:
At 1 January 78,836 38,905 22,421 - 128,855 269,017
2005
Additions 11,391 5,485 5,877 98,555 61,737 183,045
Disposals - - - (60,000) - (60,000)
-------- ------ -------- ------ ------- -------
At 31 90,227 44,390 28,298 38,555 190,592 392,062
December 2005 ======== ====== ======== ====== ======= =======
Depreciation:
At 1 January 17,743 31,729 13,258 - 79,414 142,144
2005
Charge for 28,608 6,818 7,636 6,422 28,337 77,821
the year
On Disposal - - - (4500) - (4,500)
-------- ------ -------- ------ ------- -------
At 31 46,351 38,547 20,894 1,922 107,751 215,465
December 2005 ======== ====== ======== ====== ======= =======
Net Book Value:
At 31 43,876 5,843 7,404 36,633 82,841 176,597
December 2005 ======== ====== ======== ====== ======= =======
At 31 61,093 7,176 9,163 - 49,441 126,873
December 2004 ======== ====== ======== ====== ======= =======
10. FIXED ASSET INVESTMENTS
Group Company
2005 2004 2005 2004
-------- -------- -------- --------
Unlisted Investments # # # #
Cost:
At 1 January
2005 - - 100,300 -
Additions - - - 100,300
Disposals - - - -
-------- -------- -------- --------
As at 31
December 2005 - - 100,300 100,300
-------- -------- -------- --------
Listed Investments
Valuation:
At 1 January 2005 - - - -
Additions - - - -
Disposals - - - -
-------- -------- -------- --------
As at 31 December - - - -
2005 -------- -------- -------- --------
Total - - - -
======== ======== ======== ========
Unlisted investments are interests held in the following companies registered in the
United Kingdom.
Shareholding Holding Business
-------------- --------- ----------
Jarvis Investment
Management plc 100% 10,030,000 1p Ordinary shares Financial Administration
On 19 July 2004 a group reorganisation was completed, whereby Jarvis Securities
plc acquired 100% of Jarvis Investment Management plc in a share for share
exchange.
11. CURRENT ASSET INVESTMENTS
Group Company
2005 2004 2005 2004
-------- -------- -------- --------
Listed Investments
Valuation:
At 1 January 2005 36,349 46,482 - -
Additions - - - -
Disposals (3,172) (10,133) - -
-------- -------- -------- --------
As at 31 December 2005 33,177 36,349 - -
-------- -------- -------- --------
Listed investments are stated at their market value at 31 December 2005.
12. DEBTORS Group Company
Amounts falling due within
one year: 2005 2004 2005 2004
-------- -------- -------- --------
# # # #
Trade debtors 2,904,391 2,885,312 3,525 -
Amounts owed by group
undertakings 149,479 5,000 149,479 5,000
Other debtors 126,698 124,481 126,698 73,676
Prepayments and accrued
income 512,981 425,230 8,254 8,585
-------- -------- -------- --------
3,693,549 3,440,023 287,956 87,261
Trade debtors include #2,878,896 (2004 #2,882,658) in respect of delivery versus
payment transactions for the settlement of client bargains.
Other debtors include amounts due from directors of #4,875.94 from Andrew Grant
and #4,930.95 from Mathew Edmett. These loans were advanced pursuant to
formal loan agreements to allow the directors to purchase shares in the company.
13. CASH AT BANK & IN HAND
Group Company
2005 2004 2005 2004
-------- -------- -------- --------
# # # #
Balance at bank and in hand 5,130,205 4,889,805 4,080 614,686
======== ======== ======== ========
Cash at bank includes #4,495,475 (2004 #3,658,764) received in the course of
settlement of bargains. This amount is held by the company in trust on behalf of
clients and is only available to complete the settlement of outstanding
bargains.
14. CREDITORS: Group Company
Amounts falling due within
one year: 2005 2004 2005 2004
-------- -------- -------- --------
# # # #
Trade creditors 7,545,754 6,884,729 26,218 262,785
Amounts owed to group
companies - - 2,991 -
Corporation tax 201,440 159,682 - -
Other taxes and Social
Security 33,756 41,728 - -
Other creditors and
provisions 76,254 245,131 18,860 216,173
Accruals 173,959 174,430 15,000 5,000
-------- -------- -------- --------
8,031,163 7,505,700 63,069 483,958
======== ======== ======== ========
Trade creditors include #7,374,372 (2004 #6,541,422) in respect of delivery
versus payment transactions for the settlement of client bargains.
15. DEFERRED TAX - GROUP 2005 2004
-------- --------
# #
At 1 January 2005 - 11,128
Charge for the year - (11,128)
-------- --------
As at 31 December 2005 - -
======== ========
The deferred tax is made up as follows:
Origination and reversal of timing differences - -
======== ========
16. CALLED UP SHARE CAPITAL 2005 2004
-------- --------
# #
Authorised:
16,000,000 Ordinary shares of 1p each 160,000 160,000
-------- --------
160,000 160,000
======== ========
Allotted, issued and fully paid:
11,484,545 Ordinary shares of 1p each 114,845 114,845
-------- --------
114,845 114,845
======== ========
Details of options issued to directors and employees are disclosed in the
Directors' Report.
17a. RESERVES AND RECONCILIATION OF SHAREHOLDERS' FUNDS - GROUP
------- ------- -------- -------
Share Share Own Shares Profit Total
Capital Premium Held For & Loss Shareholders'
Cancellation Account Funds
------- ------- -------- ------- ---------
# # # # #
At 1 January 100,300 9,900 - 320,033 430,233
2004
Retained profit
for - - - 137,782 137,782
the financial
year
Shares issued 114,845 1,185,454 - - 1,300,299
Expenses of - (395,334) - - (395,334)
issue
Share for share
exchange on
acquisition (100,300) - - - (100,300)
------- ------- -------- ------- ---------
At 31 December 114,845 800,020 457,815 1,372,680
2004
Retained profit
for - - - 23,445 23,445
the financial
year
Additional
expenses of - (10,186) - - (10,186)
share issue
Purchase of
shares for - - (18,879) - (18,879)
cancellation ------- ------- -------- ------- ---------
At 31 December 114,845 789,834 (18,879) 481,260 1,367,060
2005 ======= ======= ======== ======= =========
17b. RESERVES AND RECONCILIATION OF SHAREHOLDERS' FUNDS - COMPANY
------- ------- ------- --------
Share Share Own Shares Profit Total
Capital Premium Held For & Loss Shareholders'
Cancellation Account Funds
------- ------- -------- ------- ---------
# # # # #
Shares issued 114,845 1,185,454 - - 1,300,299
Expenses of issue - (395,334) - - (395,334)
Retained profit
for - - - (74,473) (74,473)
the financial ------- ------- -------- ------- ---------
year
At 31 December 114,845 790,120 - (74,473) 830,492
2004
Retained profit
for - - - 69,132 69,132
the financial
year
Additional
expenses of - (10,186) - - (10,186)
share issue
Purchase of
shares for - - (18,879) - (18,879)
cancellation ------- ------- -------- ------- ---------
At 31 December 114,845 779,934 (18,879) (5,341) 870,559
2005 ======= ======= ======== ======= =========
18. IMMEDIATE AND ULTIMATE PARENT UNDERTAKINGS
The company's immediate and ultimate parent undertaking is Sion Holdings
Limited, a company registered in England and Wales.
19. RELATED PARTY TRANSACTIONS
At the year end Sion Holdings Limited had an outstanding balance due to Jarvis
Securities plc of #149,479 (2004 #5,000).
During the year the company made a management charge of #10,000 to Sion Holdings
Ltd for office and administrative services.
20. EARNINGS PER SHARE
The weighted average number of shares in issue during the year for the Earnings
per Share calculations are as follows:
Date Event No. of shares Days 2005 2004
------ ---------------- -------- ------ --------- ---------
01/01/ Opening balance 10,030,000 358 - 9,810,765
04 2005
23/12/ Issue of share 11,484,545 8 - 251,028
04 capital
01/01/ Opening balance 11,484,545 365 11,484,545 -
05 2005 --------- ---------
11,484,545 10,061,793
The Diluted Earnings per Share calculation is as follows:
Date Event No. of shares Days 2005 2004
---------
01/01/ Opening balance 2004 10,030,000 358 - 9,810,765
04
11/02/ Issue of share capital 12,134,545 8 - 265,236
04 and options
01/01/ Opening balance 2005 12,134,545 365 12,134,545 -
05 --------- ---------
12,134,545 10,076,001
Earnings per share before exceptional expenses 3.14p 6.68p
21. NOTES TO THE CASH FLOW STATEMENT
NOTE A - GROSS CASH FLOWS 2005 2004
--------- ---------
# #
Capital expenditure and financial
investment
Payments to acquire
tangible fixed assets (183,045) (50,257)
Payments to acquire
intangible fixed assets - (94,440)
Receipts from
disposal of fixed assets 41,999 21,750
Receipts from
disposal of current
asset investments 3,172 10,133
Receipts from disposal of -
listed investments --------- ---------
(137,874) (112,814)
========= =========
Financing
Issue of ordinary
share capital - 1,199,999
Expenses paid on
issue of shares (10,186) (395,334)
Repurchase of own
shares (18,879) -
--------- ---------
(29,065) 804,665
========= =========
NOTE B - ANALYSIS OF
NET FUNDS
At 1.1.05 Cash Flow Other Non At 31.12.05
Cash Changes
--------- --------- --------- ---------
# # # #
Cash in hand, 4,889,805 240,400 - 5,130,205
at bank
Less DVP (3,658,764) (836,711) - (4,495,475)
cash --------- --------- --------- ---------
NET FUNDS 1,231,041 (596,311) - 634,730
========= ========= ========= =========
22. OPERATING LEASE COMMITMENTS
At 31 December 2005 the company was committed to making the following
payments during the next year in respect of operating leases which expire:
Land and
Buildings
---------
#
After more than five years: 26,500
=========
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR JRMFTMMIBBMF
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